➡️FCNR (Foreign Currency Non-Resident) Account
An account that can be opened with an Indian bank by a Non Resident Indian or a Person of Indian Origin in foreign currency is FCNR (B) account. The letter B in FCNR (B) stands for the word ‘Bank’. It is an account that allows the NRI to keep his deposits in foreign currency. Hassles of conversion can be reduced through such types of accounts.
💎Salient features of an FCNR account
➖FCNR is a foreign currency-denominated account.
➖FCNR is not a savings account. It is a term deposit with a minimum tenure of 1 year and a maximum of 5 years.
➖Interest income on FCNR accounts in nontaxable in India.
➖Both principal and interest are freely repatriable in your resident country.
➖It is possible to avail both rupee and foreign currency loans against your FCNR deposits.
💎Currencies are permitted under the FCNR scheme
According to the latest RBI circular in October 2011, FCNR permitted currencies are the ones that are freely convertible. These include the US Dollar, Pound Sterling, Euro, Japanese Yen, Canadian Dollar, Australian Dollar, Swiss Franc, Singapore Dollar, Danish Krone, and Hong Kong Dollar among others.
💎 FCNR loan
An FCNR loan is a loan in foreign currency that is availed by NRIs or Indian corporates against an FCNR deposit at select Indian banks according to RBI guidelines.
💎 Benefits of holding an FCNR account
The benefits of holding an FCNR account are numerous.
➖First and foremost, FCNR allows you to invest your earnings in the currency of your residence country. This helps you to protect yourself from the volatility of exchange rates.
➖Second, you don’t need to pay any income tax on your FCNR earnings in India. And the interest and principal are both freely repatriable.
➖Third, you can avail of a loan in any currency you want against your FCNR deposit.
💎Maximum and minimum tenure of FCNR deposits
The minimum tenure of an FCNR deposit is 1 year and the maximum is 5 years. If you withdraw within a year, no interest is paid. If it is withdrawn within the tenure, a penalty may or may not be levied depending on the bank.
An account that can be opened with an Indian bank by a Non Resident Indian or a Person of Indian Origin in foreign currency is FCNR (B) account. The letter B in FCNR (B) stands for the word ‘Bank’. It is an account that allows the NRI to keep his deposits in foreign currency. Hassles of conversion can be reduced through such types of accounts.
💎Salient features of an FCNR account
➖FCNR is a foreign currency-denominated account.
➖FCNR is not a savings account. It is a term deposit with a minimum tenure of 1 year and a maximum of 5 years.
➖Interest income on FCNR accounts in nontaxable in India.
➖Both principal and interest are freely repatriable in your resident country.
➖It is possible to avail both rupee and foreign currency loans against your FCNR deposits.
💎Currencies are permitted under the FCNR scheme
According to the latest RBI circular in October 2011, FCNR permitted currencies are the ones that are freely convertible. These include the US Dollar, Pound Sterling, Euro, Japanese Yen, Canadian Dollar, Australian Dollar, Swiss Franc, Singapore Dollar, Danish Krone, and Hong Kong Dollar among others.
💎 FCNR loan
An FCNR loan is a loan in foreign currency that is availed by NRIs or Indian corporates against an FCNR deposit at select Indian banks according to RBI guidelines.
💎 Benefits of holding an FCNR account
The benefits of holding an FCNR account are numerous.
➖First and foremost, FCNR allows you to invest your earnings in the currency of your residence country. This helps you to protect yourself from the volatility of exchange rates.
➖Second, you don’t need to pay any income tax on your FCNR earnings in India. And the interest and principal are both freely repatriable.
➖Third, you can avail of a loan in any currency you want against your FCNR deposit.
💎Maximum and minimum tenure of FCNR deposits
The minimum tenure of an FCNR deposit is 1 year and the maximum is 5 years. If you withdraw within a year, no interest is paid. If it is withdrawn within the tenure, a penalty may or may not be levied depending on the bank.
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🏦Payments Banks
A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk. In simple words, it can carry out most banking operations but can’t advance loans or issue credit cards. It can accept demand deposits (up to Rs 1 lakh), offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers.
In September 2013, the Reserve Bank of India constituted a committee headed by Dr Nachiket Mor to study 'Comprehensive financial services for small businesses and low income households'. The objective of the committee was to propose measures for achieving financial inclusion and increased access to financial services.
The committee submitted its report to RBI in January 2014. One of the key suggestions of the committee was to introduce specialised banks or ‘payments bank’ to cater to the lower income groups and small businesses so that by January 1, 2016 each Indian resident can have a global bank account.
The main objective of payments bank is to widen the spread of payment and financial services to small business, low-income households, migrant labour workforce in secured technology-driven environment.
With payments banks, RBI seeks to increase the penetration level of financial services to the remote areas of the country.
A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk. In simple words, it can carry out most banking operations but can’t advance loans or issue credit cards. It can accept demand deposits (up to Rs 1 lakh), offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers.
In September 2013, the Reserve Bank of India constituted a committee headed by Dr Nachiket Mor to study 'Comprehensive financial services for small businesses and low income households'. The objective of the committee was to propose measures for achieving financial inclusion and increased access to financial services.
The committee submitted its report to RBI in January 2014. One of the key suggestions of the committee was to introduce specialised banks or ‘payments bank’ to cater to the lower income groups and small businesses so that by January 1, 2016 each Indian resident can have a global bank account.
The main objective of payments bank is to widen the spread of payment and financial services to small business, low-income households, migrant labour workforce in secured technology-driven environment.
With payments banks, RBI seeks to increase the penetration level of financial services to the remote areas of the country.
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How many Ind AS are there in India 2020?
a) 29
b) 32 c) 41 d) 17
a) 29
b) 32 c) 41 d) 17
Anonymous Quiz
20%
a
46%
b
27%
c
7%
d
The accounting standards are mandatory for:
a) Sole trader
b) Firms c) Companies d) Societies
a) Sole trader
b) Firms c) Companies d) Societies
Anonymous Quiz
5%
a
12%
b
79%
c
5%
d
International Accounting Standard Board (IASB) was established in the year:
a) 1977
b) 2001 c) 2013 d) 2019
a) 1977
b) 2001 c) 2013 d) 2019
Anonymous Quiz
50%
a
31%
b
17%
c
3%
d
Which one of the following is a fundamental accounting assumption?
a) Going Concern Concept
b) Accrual Concept c) Consistency Concept d) All of the above
a) Going Concern Concept
b) Accrual Concept c) Consistency Concept d) All of the above
Anonymous Quiz
12%
a
6%
b
6%
c
76%
d
Which one of the following is not a consideration in selection of accounting policies?
a) Prudence
b) Substance over form c) Materiality d) Full disclosure
a) Prudence
b) Substance over form c) Materiality d) Full disclosure
Anonymous Quiz
17%
a
48%
b
16%
c
19%
d
As per Indian GAAP financial statements are presented at:
a) Market Value
b) Fair Value c) Cost d) None of the above
a) Market Value
b) Fair Value c) Cost d) None of the above
Anonymous Quiz
31%
a
26%
b
28%
c
15%
d
What is the aim of accounting standards in India?
a) To make financial statements more comparable.
b) To ensure uniformity in accounting policies. c) To guide the judgement of professional accountants. d) All of the above
a) To make financial statements more comparable.
b) To ensure uniformity in accounting policies. c) To guide the judgement of professional accountants. d) All of the above
Anonymous Quiz
5%
a
11%
b
5%
c
79%
d
Which one of the following accounting standard in not mandatory?
a) AS 30- Financial Instruments: Recognition and Measurement
b) AS 31- Financial Instruments: Presentation c) AS 32- Financial Instruments: Disclosures d) All of the above
a) AS 30- Financial Instruments: Recognition and Measurement
b) AS 31- Financial Instruments: Presentation c) AS 32- Financial Instruments: Disclosures d) All of the above
Anonymous Quiz
12%
a
19%
b
19%
c
49%
d
How many mandatory accounting standards are there in India 2020?
a) 29
b) 32 c) 41 d) 112
a) 29
b) 32 c) 41 d) 112
Anonymous Quiz
31%
a
30%
b
33%
c
6%
d
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International Financial Reporting Standards
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Paper-2 (COMMERCE) With Out AS/IAS/IFRS Paper Will Be An Incomplete
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International Financial Reporting Standards
Updated on Jan 05, 2021
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International Financial Reporting Standards
The difference in the accounting framework leads to the same transactions having inconsistent treatment across all the countries. Read more about IFRS here.
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Mr. X takes a loan of Rs 50,000 from HDFC Bank. The rate of interest is 10% per annum. The first installment will be paid at the end of year 5. Determine the amount of equal annual installments if Mr. X wishes to repay the amount in five installments.
Anonymous Quiz
23%
Rs 19500
26%
Rs 19400
23%
Rs 19310
27%
None of the above
The Balance sheet of Ram at end of 2013 and 2014 disclose investments in shares of Rs 2000 and Rs 3000, respectively. Rs 100 as pre-acquisition dividend has been credited to investments account. Determine purchase of investments.
Anonymous Quiz
30%
RS 5000
27%
Rs 1000
33%
Rs 1,100
10%
None of the above
Given Net profit for the year Rs 2, 50,000 Transferred to general reserves Rs 40,000 and old machinery bought for Rs 50,000 was sold for Rs 20,000. Calculate funds from operations.
a) Rs 2, 80,000 b) Rs 2, 20,000 c) Rs 2, 90,000 d) Rs 3, 00,000
a) Rs 2, 80,000 b) Rs 2, 20,000 c) Rs 2, 90,000 d) Rs 3, 00,000
Anonymous Quiz
23%
a
39%
b
31%
c
7%
d